Silver Prices Range Bound Silver prices traded slightly lower on Wednesday, as a rebounding US dollar softened demand for precious metals ahead of Donald Trump’s first news conference since being elected US President.
The March contract for silver slipped 3 cents, or 0.2%, to $16.82 a troy ounce at 6:58 am ET. Prices traded within a narrow range of $16.78 – $16.89 through the overnight session.
Silver is up 1.8% for the week and has recovered more than 5% since the start of the year. The grey metal has retraced most of the losses incurred after the Federal Reserve’s decision to raise interest rates on December 14.
February gold futures climbed $4.30, or 0.4%, to $1,189.90 a troy ounce, a new six-week high. The yellow metal was on pace for its third consecutive gain and sixth since the new year.
Later this morning, US President-elect Donald Trump will hold his first news conference since the November 8 election, where he is expected to discuss his transition to the White House. Market participants will be closely monitoring the event for clues about fiscal policies. The news conference is scheduled to begin at 11:00 am ET.
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